Hydro One first quarter profit up 33% to $222 million, dividend rising

Hydro towers are seen over a golf course in Toronto on Wednesday, November 4, 2015.Hydro One says its first-quarter profit rose to $222 million, which was up 33 per cent from the same time last year. THE CANADIAN PRESS/Darren Calabrese

May 15, 2018 - 4:52 AM

TORONTO - Hydro One says its first-quarter profit rose to $222 million, which was up 33 per cent from the same time last year.

That included $12 million related to its $6.7-billion acquisition of Avista, a U.S. energy company.

The Ontario utility's profit amounted to 37 cents per share, up from 28 cents per share in the first quarter of 2017.

Revenue was $1.58 billion, or $875 million after excluding purchased power.

That compared with 2017 first-quarter revenue of $1.66 billion, or $769 million net of purchased power.

Hydro One says its quarterly dividend will rise by one cent to 23 cents per share, payable June 29. It has paid a dividend of 22 cents per share since last June.